Canary Wharf secures bumper cash injection to regenerate post-pandemic estate
Canary Wharf’s two shareholder have committed an additional £400m to the Docklands hub – securing its future as it repositions after Covid-19.
Private equity giant Brookfield and the Qatari Investment Authority have committed to an equity injection of £300m and a revolving £100m credit facility.
Canary Wharf Group CEO Shobi Khan said the cash would allow the estate to build out additional residential and life sciences projects as the group pivots away from a financial services pure-play.
In recent years Canary Wharf – once synonymous with financial services giants – has added thousands of residents as well as a host of businesses outside of its traditional base.
Khan said “the investment underscores confidence in our business plan and the strategic repositioning of Canary Wharf.”
The departure of HSBC from the Wharf – announced earlier this year but still four years away – signalled a raft of commentary about the future of the Docklands hub.
The firm is also set to lose Credit Suisse after it collapsed into the hands of UBS, with retained London staff no longer to be housed in Cabot Square.
However a host of new life sciences businesses in particular have sprung up as part of what Khan calls ‘Canary Wharf 3.0’, given extra momentum by the arrival of the Elizabeth Line.
Brookfield Real Estate boss Brian Kingston said that “as a long-term, patient investor with flexible balance sheet capital and half a century of transitioning mixed-use assets into iconic urban districts, we are pleased to continue to support CWG on its journey alongside our partners, and believe the estate holds significant long-term value creation potential.”